The article cites a report published in July 2022 by KPMG International Ltd and HSBC Holdings Plc which states that the number of startups in the country nearly doubled from the beginning of the COVID-19 pandemic to mid-2022.
Vietnam drew a record 2.6 billion USD through 233 private deals, up from 700 million US dollars via 140 deals of the previous year.
Bloomberg’s article also mentions the Vietnamese Government aims to turn Ho Chi Minh City into a magnet for tech funding and is striving to grow its digital economy which is expected to represent 40% of the southern city’s gross domestic product.
Experts said that Ho Chi Minh City has factors to make it the next Silicon Valley including a heavy math and science educational system, a decades-old software outsourcing industry that’s created an abundance of inexpensive and talented engineers, and the benefits of Vietnam’s 2021 economic growth - one of the fastest across Asia./.
